How to protect my unencumbered properties?

How to protect my unencumbered properties?

11:49 AM, 3rd March 2015, About 7 years ago 45

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I have over 30 properties in total of which I own 8 outright, and rest are on Buy to Let mortgages.

I am looking for some advice on how to protect the 8 I own outright in the unlikely prospect of an increase in mortgage rates like we had back in the 70s ( I think) so the mortgage company would not be able to touch them ?

Regards

Tonyprotection



Comments

by tony tony

11:08 AM, 4th March 2015, About 7 years ago

Reply to the comment left by "Ian Ringrose" at "04/03/2015 - 10:47":

ian 2 things 1 it is 8 propeties i have not 10 so in future get your facts right before you post, secondly 8 x 3 bed rate (best senario) for where i am = 49.5k take your insurances and maintenace etc off dosent leave enough to live on for me and my family. The 8 properties i have are not all 3 bed they are a mixture of 1,2,and 3 bed hence even less than the above so secondly wind ya neck in unless you have something positive to say

by Ian Ringrose

11:32 AM, 4th March 2015, About 7 years ago

But if you sold most of the other properties unless the LTV are 100% or over you will have more then 8 properties left with no mortgages.

If you CHOOSE to have a life style that is costly, then you have to accept the risks that come with it.... Only you can decide if the risks are worth it...

But don't expect people to respect you if you try to use lots of "trick" to avoid having to face up to the responsibilities that comes with these risks.

by Jayne Owen

11:35 AM, 4th March 2015, About 7 years ago

Reply to the comment left by "tony salmon" at "04/03/2015 - 10:27":

Hi Tony,

No problem. If you're not already a subscriber, get in touch via email jayne (at) mozaique.co.uk and I'll send you a copy after it's been printed.

by tony tony

12:37 PM, 4th March 2015, About 7 years ago

Reply to the comment left by "Jayne Owen" at "04/03/2015 - 11:35":

thanks jayne

by tony tony

12:40 PM, 4th March 2015, About 7 years ago

Reply to the comment left by "Ian Ringrose" at "04/03/2015 - 11:32":

ian i haven asked for anything that is under handed ,like i said befor just trying to protect my asetts

by Puzzler

9:11 AM, 5th March 2015, About 7 years ago

As Jayne says you can investigate putting them into a trust, however these are expensive and not very tax efficient

However you would still owe the money and if it was deemed that the trust was set up to avoid that, the Receiver can come after you anyway.

If you're worried about future high rates your options would be: first, when they go up, sell; second, overpay or save to reduce the debts when they do go up; third, keep paying at the higher rates.

by Colin Dartnell

18:03 PM, 5th March 2015, About 7 years ago

Reply to the comment left by "Ian Ringrose" at "04/03/2015 - 10:26":

I had the same plan to sell half of my properties when I reached a certain point in life. Well I have reached it, but low and behold I am still buying property and taking out mortgages !!

by tony tony

18:22 PM, 5th March 2015, About 7 years ago

Reply to the comment left by "Puzzler " at "05/03/2015 - 09:11":

puzzler if the interest rates go up to a level of say 10% there wont be anyone out there to buy , as people will not be able to aford a morgage at 10%

by Colin Dartnell

18:39 PM, 5th March 2015, About 7 years ago

Reply to the comment left by "tony tony" at "05/03/2015 - 18:22":

Tony you should step back from your paranoia about the future. While we have the luxury of low rates try and reduce your borrowing if it scares you so much, go without things, live poor now so you can live well in the future.

When I started in the early mid '90's the rates were around 10% and houses and flats were still selling.

by Shakeel Ahmad

21:13 PM, 5th March 2015, About 7 years ago

The rates were 10% The properties prices were extremely low in comparison to today.


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